Spreadex Market Update
FTSE looking to extend its gains on yesterday
A brief look into UK equities in particular Rio Tinto who have rejected a merger approach from Glencore Plc with the view to create a $160 billion mining and trading giant. Shares in Rio Tinto are looking to open up 160 points at 3160p. A merger would create the world’s biggest mining company consequently investors may look at developments in this for the future.
The FTSE is looking to extend its gains on yesterday looking to open up 2 points to 6555.24, with news of manufacturing production coming out at 9.30am this could really dominate the movements of the FTSE today, whilst it still tries to reel in the losses incurred last week.
In general, major indices have taken a small tumble on this morning’s trading as the DAX has fallen 37 points down to 9154.5 on the back of industrial output falling the most since 2009. The Dow has also dropped 45 points trading beneath 17000 at 16937.
Forex markets have continued to show similar trends to yesterday as the dollar begins to retreat against to euro and GBP. Spot GBP/USD is up to 1.6096, with FOMC members Kocherlakota and Dudley speaking later on about fed policy, interest rate changes could have effects on the recent appreciation of the pound sterling. Spot EUR/USD is up 33 points trading at 1.2653.
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